Day: February 19, 2023

The Senate under its secretary Counselor Bahaa Eldin Abou Shoka gave the final approval Sunday to a bill on adjusting the status of unlicensed industrial establishments.

Earlier on October 12, 2022, Senate Speaker Abdel Wahab Abdel Razeq referred a government-drafted bill on adjusting the status of unlicensed industrial establishments to a joint committee from the trade and industry and the small, medium and micro-size enterprises, as well as the bureau of legislative and consultative affairs.

As per the bill, the Industrial Development Authority (IDA) would be granted the power for three years to allow unlicensed industrial projects to operate for a temporary one-year period.

The period could be extended for an additional two years by the trade and industry minister upon the recommendations of the IDA.

Source: State Information Service Egypt

Egypt’s Minister of Military Production Mohamed Saleh el Din will travel to Abu Dhabi on Sunday to attend the 16th International Defense Exhibition and Conference IDEX 2023, to run till February 24 under the patronage of UAE President Sheikh Mohamed ben Zayed al Nahyan.

The minister said the visit comes upon the invitation of his UAE counterpart and also as part of fruitful relations binding Egypt with the UAE in all domains.

On the sidelines of the event, the minister said he is scheduled to discuss military cooperation and exchange of expertise with a number of counterparts and high-level officials from participating countries, the spokesman said.

He said this is Egypt’s fourth participation in the event, adding that Egypt will showcase products manufactured by Military Production Ministry in terms of weapons, ammunition and other defense equipment.

A large number of companies specialized in the defense and military industries worldwide are participating in the event to showcase the latest technologies in the military industry and production.

EDEX 2023 is expected to be the largest-ever edition of the show in the United Arab Emirates, with more countries and companies than ever hawking their defense materiel from a newly expanded floor.

In its 16th edition, the biennial IDEX will witness the participation of eight new nations — Uzbekistan, Ireland, Nigeria, Montenegro, Kuwait, Lithuania, Bangladesh and Monaco — bringing the total of represented countries to 65.

Some 1,350 companies will exhibit their wares, a 50 percent rise from the last IDEX in 2021.

IDEX will launch IDEX Next_Gen which is a space dedicated to let startups demonstrate their cutting edge tech in the defense and naval sector to leading figures in the industry.

Source: State Information Service Egypt

The General Authority for Investment and Free Zones (GAFI) hosted the Egyptian-Uzbek business forum under the co-chairmanship of GAFI’s CEO Hossam Heiba and Uzbek Minister of Investment and Foreign Trade Kudratov Laziz Shavkatovich.

The business forum was also attended by representatives of the ministries of electricity, culture, tourism, agriculture and health.

Additionally, representatives from the federations and chambers of commerce and industry in the two countries attended the forum.

During the forum, seven memoranda of understanding (MoUs) were signed between the Egyptian private sector and the Uzbek government to forge investment partnerships in the spheres of pharmaceuticals, textile, energy, electricity and healthcare.

The exchange of presidential visits between the two countries gave a new impetus to the diplomatic and economic ties between the two countries, Heiba said during the forum.

Heiba further reviewed the various investment opportunities in Egypt, as well as the economic reforms undertaken by the government to lure foreign investments and shed light on the available investment opportunities in the mega national projects.

He also pointed out to the government’s decision to launch the State Ownership Policy Document, which primarily aims to enhance the private sector’s participation in development projects.

For his part, Shavkatovich said that the anticipated visit of Uzbek President Shavkat Mirziyoyev to Egypt, scheduled for Monday, will herald a new era in the investment ties between the two countries.

The visit of President Sisi to Tashkent in 2018 had contributed to turning a new leaf in the economic and trade ties between the two countries, he added.

The Uzbek minister also said that he is currently holding meetings with representatives from the mega Egyptian companies operating in several spheres, including weaving and foodstuff.

Uzbekistan aspires to position itself as a gate to the Egyptian business community for investment and export to the central Asian countries, he further said.

Source: State Information Service Egypt

The government continues to review global companies and institutions’ reactions concerning listing 32 Egyptian state companies on the EGX or selling them for strategic investors, Cabinet Spokesman Nader Saad said.

These companies and institutions have either requested further details or voiced an interest in investing in the Egyptian stock exchange to capitalize on the promising opportunities it offers, Saad added in a statement following a meeting chaired by Prime Minister Mostafa Madbouli to follow up the progress made in implementing the government Initial Public Offering (IPO) programme.

He noted that the government is handling this file in accordance with the outcome of the State Ownership Policy Document, which seeks to outline the State’s relation with the private sector in various economic sectors and enhance the sector’s participation in development projects, in line with the structural reforms in progress.

Governor of the Central Bank of Egypt (CBE) Hassan Abdullah and CEO of the Sovereign Fund of Egypt (TSFE) Ayman Soliman attended the meeting, along with ministers of planning and finance, and a host of senior officials.

In a press conference earlier this month, Madbouli revealed that the 32 Egyptian state companies will either be listed on the EGX or sold for strategic investors within a year, which starts with the current quarter and lasts till the first quarter of 2024, in accordance with the State Ownership Policy Document.

These companies work in 18 different fields. The government will list 25 percent of these companies within six months. These companies include two-military owned companies: water company Safy and gas stations operator Wataniya.

The list also includes three banks which are Banque Du Caire, the United Bank and the Arab African Bank.

Source: State Information Service Egypt

A delegation of the Communications and Information Technology Ministry has concluded a visit to Germany.

The German Agency for International Cooperation (GIZ) – Egypt organized the tour to open a dialogue channel with the leading entities in the innovation field, communications and information technology in Germany in support of Egypt’s digital strategy, GIZ said in a statement.

Vice Minister for Administrative Development, Digital Transformation and Automation Khaled El Attar led the Egyptian delegation.

Source: State Information Service Egypt

Prime Minister Mostafa Madbouli on Sunday held a meeting with Minister of Planning and Economic Development Hala el Saeed to follow up on the outcome of her visit to a number of Gulf countries for luring investments into Egypt.

The meeting was attended by the planning minister’s legal advisor Mohamed Abu Zeid and CEO of the Egyptian Sovereign Wealth Fund (SWF) Ayman Soliman.

Saeed said she visited Bahrain, the Sultanate of Oman, Qatar, Kuwait and the UAE to inform business officials and investors in those countries about the available investment opportunities in Egypt.

The planning minister noted that she held meetings with a large number of officials, businessmen and investors in the five Gulf countries to brief them on the great incentives and facilitation offered by the Egyptian government to attract further local and foreign investments, as well as the recent measures aimed at enhancing the private sector’s participation in the economic activity.

Source: State Information Service Egypt

Uzbek Ambassador to Egypt Mansour Bek Kelychiv underlined the importance of a two-day visit by Uzbek President Shavkat Mirziyoyev to Egypt as opening a new chapter of bilateral ties.

This is Mirziyoyev’s first visit to Egypt which is a pioneering Arab and Islamic country, he said, highlighting Egypt’s heavyweight position at the regional and international levels.

In statements to MENA on Sunday, he said the president will be accompanied during the visit with a high-ranking delegation, including the Uzbek foreign minister and a group of businessmen.

The Egyptian-Uzbek business forum is expected to be held with a large number of investors due to sign important economic agreements, the ambassador said.

He underlined Uzbekistan’s keenness on enhancing bilateral ties in various domains, highlighting continued coordination with Egypt within the framework of the United Nations, the Organization of Islamic Cooperation and other international and regional organizations.

Meanwhile, he referred to the historic visit of Egyptian President Abdel Fattah El Sisi to Tashkent in 2018 during which he held key talks with Mirziyoyev.

The two leaders also held friendly talks in 2022 on the fringe of the opening of the Olympic Games in Beijing.

The ambassador also referred to a meeting between Senate Speaker Abdel Wahab Abdel Razeq and his Uzbek counterpart Tanzila Narbaeva on the sidelines of the 27th United Nations Climate Change Conference (COP27) which Egypt hosted in November 2022.

Kelychiv noted that the Uzbek commercial office in Cairo managed to organize a visit for 25 Egyptian companies to various cities to stand on means of establishing joint projects, adding that more than 30 agreements were signed within this context.

He added the establishment of a railway passing through Afghanistan will help central Asian countries to easily reach Egypt via Pakistani ports.

He highlighted also the fruitful cooperation between universities of both sides, especially Al Azhar University.

Source: State Information Service Egypt

Senate’s Deputy President Bahaa El-Din Abu Shoka met Sunday with Speaker of the National Assembly of Zimbabwe Jacob Francis Mudenda, who is currently visiting Egypt.

The Senate is keen to support any efforts to strengthen bilateral ties for the benefit of the peoples of Egypt and Zimbabwe., Abu Shoka said during the meeting

He noted that strengthening legislative links will aid in the development of all economic, commercial, cultural, and tourist relations.

Relations between Egypt and African countries improved significantly under the leadership of President Abdel Fattah El Sisi in terms of reaching a consensus on visions and coordinating joint stances in many forums, Abu Shoka said.

He reiterated Egypt’s support for all African files. “Cairo’s position on the Renaissance Dam does not imply that Egypt opposes Ethiopians’ right to progress. Egypt insists on filling the dam under a legal framework that respects international treaties and standards while also protecting the Egyptian people’s historical rights.”

In turn, Mudenda reaffirmed his country’s appreciation for Egypt’s position and weight in its regional and international environments, lauding Cairo’s achievements under President Sisi’s leadership.

Source: State Information Service Egypt